Array Biopharma (ARRY) Downgraded by Zacks Investment Research to “Sell”

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Array Biopharma (NASDAQ:ARRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “

ARRY has been the subject of several other reports. SunTrust Banks increased their target price on Array Biopharma to $25.00 and gave the company a “buy” rating in a research report on Monday, June 25th. BidaskClub upgraded Array Biopharma from a “sell” rating to a “hold” rating in a research report on Monday, May 14th. Wells Fargo & Co increased their target price on Array Biopharma from $31.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, June 28th. Cantor Fitzgerald reiterated a “buy” rating and issued a $26.00 target price (up from $24.00) on shares of Array Biopharma in a research report on Sunday, June 24th. Finally, ValuEngine upgraded Array Biopharma from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Array Biopharma currently has an average rating of “Buy” and an average target price of $20.90.

NASDAQ:ARRY traded up $0.02 during trading hours on Wednesday, hitting $17.08. The company’s stock had a trading volume of 2,071,145 shares, compared to its average volume of 3,256,765. The firm has a market capitalization of $3.68 billion, a PE ratio of -23.72 and a beta of 1.68. The company has a quick ratio of 5.73, a current ratio of 5.73 and a debt-to-equity ratio of 0.36. Array Biopharma has a twelve month low of $7.15 and a twelve month high of $20.21.

Array Biopharma (NASDAQ:ARRY) last released its quarterly earnings data on Wednesday, May 9th. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.11. The business had revenue of $66.37 million for the quarter, compared to analyst estimates of $28.81 million. Array Biopharma had a negative return on equity of 96.65% and a negative net margin of 72.33%. Array Biopharma’s revenue was up 99.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.21) earnings per share. analysts anticipate that Array Biopharma will post -0.73 EPS for the current fiscal year.

In other news, Director Kyle Lefkoff sold 50,000 shares of the firm’s stock in a transaction dated Friday, July 6th. The stock was sold at an average price of $17.45, for a total transaction of $872,500.00. Following the completion of the transaction, the director now directly owns 42,720 shares in the company, valued at $745,464. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lunsen Gil J. Van sold 21,500 shares of the firm’s stock in a transaction dated Wednesday, June 20th. The stock was sold at an average price of $19.08, for a total value of $410,220.00. Following the transaction, the director now owns 26,797 shares of the company’s stock, valued at $511,286.76. The disclosure for this sale can be found here. Insiders sold 416,717 shares of company stock valued at $7,443,186 over the last quarter. Corporate insiders own 3.18% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Array Biopharma by 4.6% during the first quarter. BlackRock Inc. now owns 15,949,437 shares of the biopharmaceutical company’s stock worth $260,295,000 after acquiring an additional 696,635 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Array Biopharma by 12.0% during the fourth quarter. Franklin Resources Inc. now owns 9,169,836 shares of the biopharmaceutical company’s stock worth $117,374,000 after acquiring an additional 979,072 shares during the last quarter. Farallon Capital Management LLC bought a new position in shares of Array Biopharma during the first quarter worth about $50,510,000. Northern Trust Corp raised its position in shares of Array Biopharma by 1.5% during the first quarter. Northern Trust Corp now owns 2,419,350 shares of the biopharmaceutical company’s stock worth $39,484,000 after acquiring an additional 34,658 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Array Biopharma by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 1,867,750 shares of the biopharmaceutical company’s stock worth $23,906,000 after acquiring an additional 83,705 shares during the last quarter. Institutional investors own 92.47% of the company’s stock.

Array Biopharma Company Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific. The company's drugs in Phase III clinical trials include Binimetinib, Encorafenib, Selumetinib, and Ipatasertib/GDC-0068 for the treatment of cancer, as well as ASC08/Danoprevir to treat hepatitis C virus.

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